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Expats urged to consider offshore savings benefits

January 4, 2008 by admin  
Filed under News, News-Banking

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While internet banking is popular with expatriates, they are not using it to take advantage of offshore savings accounts, it has been suggested.

A poll by Alliance & Leicester International (A&L International) revealed that 92 per cent of Brits living abroad used to manage their finances.

However less than a third had an offshore savings account which, the bank suggested, meant they were losing out on a range of advantages including good rates of return and the potential to hold or send funds in currencies other than sterling.

A&L International managing director Simon Hull said: “With internet access now so readily available, offshore consumers should take advantage of internet banking and saving.”

More than half of homes in the EU have internet access at home, the research found.

In addition, expats wanted online banking options when setting up an offshore savings account.

Based on the Isle of Man, A&L International claims to be one of the largest offshore deposit takers and has share capital and reserves of more than £150 million.

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